The minimum viable product (MVP) is that version of a product which allows a team to collect the maximum amount of validating insight about customers' needs with the least amount of product building. It's one of the most important principles of a lean startup.

This deck provides you with insight into the value behind building an MVP, the overall process of achieving the maximum amount of validating learning, why in-depth customer interviews (and not just user testing) are crucial to testing your initial hypotheses about your business or product, and how you might collect or analyze qualitative and quantitative metrics to iterate your MVP.

Josh Cyr, founder of Alpha Loft and web app developer, also shared real lessons learned from one startup while building their MVP.

3.
What is Lean Startup
Lean Startup is a rigorous process for iterating
from Plan A to a plan that works.

4.
Leap of Faith Hypothesis
Your business model is actually a leap of faith.
Find a way to test your hypothesis as quickly as
possible.

5.
Examples
Will people listen to music privately in public
setting?
Will people pay for music online?
Will people share their personal moments on
video in a public portal?
Will people share their dating interests publicly?

7.
My MVP
The term ‘Minimum Viable Product’ is best
thought of as “the smallest iteration of work
you can do to validate your assumptions”.
The product in MVP can be a misnomer as it’s
not always a tactile object.

8.
Minimum Viable Product
How we test our Leap of Faith.
How we know what is working and not.
How we do it quickly.

19.
Useful Metrics
Actionable:
Is there a clear cause and effect?
Accessible:
Is the measurement simple to understand and
available to all? Internal finger pointing?
Auditable:
Is the measurement credible to all employees?

20.
Growth Engines
How can we understand our likely growth
engine so that we may know how to measure
and thus improve?

28.
Burn Rate
runway = cash on hand / burn rate
# iterations = runway / speed of each iteration
How many iterations do you have left?
How many businesses are exactly the same as
when they started off?

29.
Time to Pivot
Is it time to change direction?
Options:
● Zoom In: Focus on one Feature
● Change Vertical Markets
● Focus on new Customer Segment
● New Product Idea Entirely
Goal is to do this before you run out of funds.